Smart coatings can make sense of their surroundings and elicit an appropriate response to that environmental stimulus. These coatings are self-repairing, and self-healing, which makes it appropriate for corrosion protection and also for surface improvement uses, among others.
Smart coatings are unique coatings that contain special chemical, mechanical, and physical, and electrical characteristics. There has been an active interest in the development of environmentally-friendly coatings. Smart coatings are finding application in various end-use industries, such as medical, automotive, and aerospace, due to their properties of releasing active agents of the coating that prevents crack propagation.
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The shipping industry is another fast-growing sector around the world. With the increasing penetration of globalization, the demand for products and services has increased manifold in the last decade. The international shipping sector is responsible for the transportation of around 90 percent of the global water trade. As per the United Nations Conference on Trade and Development (UNCTAD), the merchant ships contribute around USD 380 billion in the freight transport rates, and this accounts for around 5 percent of the global trade.
With the increasing demand for raw materials, emerging economies are likely to demand more raw materials and goods that will increase the need for ships. The expansion of new ports is further bolstering the growth of the smart coatings market. The shipbuilding industry contributes to the emerging economies in the Asia-Pacific, owing to the presence of large coastlines, ports, and key players. The smart coating is used extensively in the construction material of ships and ports to increase their mechanical and physical strength and also to self-heal any corrosion and cracks that occur in the materials used in making the ships.
Asia-Pacific is one of the fastest-growing regions in the smart coatings market. Being blessed with natural resources and easy availability of cheap labor, Asia-Pacific offers lucrative opportunities to foreign players. Various governments in the region are creating laws to increase the FDI by automatic route in various sectors. Additionally, the setting up of various Special Economic Zones, tax rebates, and compensations are another way of attracting foreign players to set foot in the various economies.
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The construction sector is expected to be one of the most dynamic sectors in the coming years and plays a crucial role in the prosperity of society globally. According to the data available by Oxford Economics, the global construction sector is projected to grow by USD 8.1 trillion, and this growth is expected to be driven by the U.S, China, and India. The construction industry is one of the fastest-growing sectors in the Asia-Pacific region.
Increasing population, surging spending power, and government initiatives are creating upswings for market growth. Indonesia is one of the economies that are projected to show a positive economic outlook despite the slow growth of the global economy, as per the World Bank. The construction industry has been the growth engine for the country, with an annual growth rate of 5 percent. This is backed by high government spending. In the year 2018, the government spent around USD 28.3 billion on the construction of infrastructure, roads, toll roads, and airports.
Smart coatings are used extensively in commercial buildings and residential homes for various walls, roof panels, wood panels, and metal sheets, among other things. Smart coatings detect and prevent corrosion, improve the life of the surface it is applied on, and repairs any damages. The growing construction industry is likely to trigger the growth of the smart coatings market during the assessment period.
Another sector that is actively improving the demand for smart coatings in the textile sector. The textile sector in the region is fast-growing and is mainly concerned with the manufacturing of clothing. With the textile sector undergoing a paradigm shift in terms of technological innovations and machinery used in the production, new synthetic textiles are finding more demand. Rayon is one of the most demanded synthetic fibers. As per the United Nations Commodity Trade Statistics Database, the global textile export for the year 2016 stood at around USD 870 billion, with China leading the market export share.
Bangladesh is a textile intensive country where the sector contributes a significant amount to the country’s GDP share and helps in economic growth. After China, Bangladesh is the world’s second-largest apparel exporter globally, and around 60 percent of the export contracts are from the European Union and remaining from the Americas region. Smart coatings are used extensively in textiles to improve its functioning and durability, help in improving the physical and mechanical properties of various textiles. The growth in the textile industry is likely to translate into the growth of the smart coatings market during the assessment period.
However, the recent coronavirus pandemic has disrupted various sectors globally and has led to plummeting demand from various end-user industries, which is hampering market growth.